Cement News tagged under: China
Shangfeng Cement to raise funds for expansion29 September 2015, Published under Cement NewsChinese cement producer Shangfeng Cement Co Ltd announced Tuesday to raise no more than CNY1.5bn (US$235.78m) via private placement for overseas expansion. The company will issue no more than 161.12m shares at a price of 9.31 yuan per share. The money will be earmarked to invest in two overseas projects including a 3200tpd line in Tajikistan and a 3200tpd line in Uzbekistan. According to the feasibility study report, the annual revenue and profit of the production line in Tajikistan is ex... |
Italcementi disposes of WCC stake21 September 2015, Published under Cement NewsItalcementi Group, via its affiliate CimFra (China) Ltd SAS, has disposed of its 5.24 per cent stake in West China Cement (WCC) for an upfront consideration of HKD341m, equivalent to approximately EUR38.5m, subject to later adjustments through a derivative contract with Credit Agricole CIB. The disposal of the minority WCC stake has no impact on EBITDA generation capacity at group level, Italcementi said in a statement on Friday. |
CRC Cement Holdings to acquire 40% stake in Yunnan producer, China15 September 2015, Published under Cement NewsChina Resources Cement Holdings Ltd (CRC) has agreed to pay CNY1.51bn (US$236.9m) for a 40 per cent stake in cement producer Yunnan Kunming Iron & Steel Building Materials Group Co, in a bid to lift production capacity. The Hong Kong-listed cement manufacturer said Monday it plans to buy a minority stake in the Yunnan-based producer. Kunming Iron & Steel Holding Co, Ltd currently owns 100 per cent of Yunnan Kunming Iron & Steel Building Materials Group, a stake which will be reduced... |
Chinese ministries give nods to 37 cement, panel glass projects15 September 2015, Published under Cement NewsThe Ministry of Industry and Information Technology (MIIT) and the National Development and Reform Commission (NDRC) have given green lights to construction of 37 cement and panel glass projects in seven provinces of China, the MIIT said on Monday. The 37 projects that have already been under construction include three in Jiangsu Province, six in Fujian province, six in Hubei province, nine in Guangdong province, six in Guangxi province and one in Shaanxi province. Quite a few branches of ... |
Asia Cement issues 9M15 profit warning, China14 September 2015, Published under Cement NewsAsia Cement said it is expecting to record a net loss for the nine months ending 30 September 2015 compared to a net profit in the year-ago period. The expected loss is mainly attributable to the decrease in average selling price of the company's products and the foreign exchange loss from US dollar-denominated bank borrowings as a result of the devaluation of RMB. As a substantial portion of the Group's borrowings were US-dollar denominated which, in the past few years, had allowed ... |
China: MCC unit to sell cement assets14 September 2015, Published under Cement NewsChina 22MCC Group Corporation Ltd, a wholly-owned subsidiary of the China Metallurgical Group Corporation (MCC), plans to sell cement assets for a combined CNY57.64m, according to the China Beijing Equity Exchange. China 22MCC Group aims to sell its 6.7379 per cent stake in Jidong Cement Luan County Corp for about CNY44.44m and its nine per cent stake in Tianjian Jidong Cement Corp for around CNY13.19m. Jidong Cement Luan County Corp is a subsidiary of Jidong Cement which holds a 67.5861pe... |
China: BBMG Corp’s CFO resigns04 September 2015, Published under Cement NewsWang Hongjun, BBMG Corp’s chief financial officer, has resigned his post due to 'work re-designation' without further elaboration. The Beijing-headquartered cement producer and property developer did not disclose the replacement of Mr Wang, adding Mr Wang had also ceased to be an authorised representative of the company. |
Fitch Downgrades Shanshui to 'B-'; Outlook Negative02 September 2015, Published under Cement NewsFitch Ratings has downgraded China Shanshui Cement Group Ltd's (Shanshui) Long-Term Issuer Default Rating (IDR) and senior unsecured ratings to 'B-' from 'B+'. The agency has also removed the company from Rating Watch Negative and assigned it a Negative Outlook. The Recovery Rating on the senior unsecured ratings remains at 'RR4'. The rating downgrade reflects the continued weak business environment and Shanshui's reliance on short-term financing, which could pressure liquidity. The Negativ... |
Moody's: Conch Cement's 1H15 results are in line with its A3 rating01 September 2015, Published under Cement NewsMoody's Investors Service, (Moody's) says that Anhui Conch Cement Co Ltd's 1H15 results are in line with its A3 issuer rating and stable outlook. "Conch's strengthened market position and maintenance of low debt leverage in 1H15 continue to support its A3 rating, despite the pressures from industry overcapacity and the slowdown in infrastructure and property developments," said Franco Leung, a Moody's Vice President and Senior Analyst. Conch's revenue declined 15.8 per cent to CNY24.2bn ... |
CNBM reports 56% drop in first-half profit, China25 August 2015, Published under Cement NewsChina National Building Materials (CNBM) reported a 56 per cent decline in net profit for the first half of 2015, in line with the recent profit warning. JP Morgan's Asia Metals and Mining Analyst, Daniel Kang, notes that excluding a positive contribution from fair value adjustments to financial assets, a loss would have been reported. Operating cash flow fell 16 per cent YoY and restrained capex allowed a positive FCF to be maintained, albeit a hugely reduced figure, -76 per cent QoQ... |